Provaris Energy (ASX:PV1) announced a tripartite memorandum of understanding with Yinson Production and Himile Heavy Equipment.
The collaboration aims to assess the feasibility, cost, and large-scale fabrication of Provaris’ proprietary liquefied carbon dioxide tanks at Himile’s advanced manufacturing facility in Rushan, China.
The partnership leverages Himile’s extensive industrial pedigree; as a global leader in pressure vessel construction, Himile has supplied over 25,000 vessels and 80% of the static equipment for FPSOs developed over the last five years.
Following a technical kick-off meeting in January 2026, the groups have established a clear development roadmap. Provaris is tasked with providing the preliminary design for robotic cells and laser-welding equipment, including a sophisticated "digital twin" to model full automation.
Simultaneously, Himile will oversee the necessary facility upgrades in Rushan and provide critical cost estimations, while Yinson Production focuses on the logistics of integrating these tanks into their floating storage and injection units.
Per Roed, Chief Technical Officer of Provaris, emphasised that Himile’s modern facilities and track record make them an ideal partner to deliver high-quality, cost-effective storage solutions.
The project seeks to meet the surging demand for maritime LCO₂ transport, providing the scale necessary to support international net-zero initiatives.
At the time of reporting, Provaris Energy's share price was $0.0125.